Morning Minute: Dark Pool Trader Raises $1.3B in IBIT in One Clip

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Today’s top stories:

• Crypto majors fall another 2%, HYPE leads; BTC at $75,900
• Dark pool trader sells $1.3B in IBIT in one clip
• HYPE ETFs cross $100M in total inflows in first 10 quarters
• Method pays off $1.5B debt, doesn’t buy any BTC
• The co-founder of OpenZeppelin says all DeFi is insecure and quit

Strategy Paid Off $1.5 Billion in Debts, While Dark Pool Trader Loses $1.3B

Strategy did not buy Bitcoin last week. Instead, the company he ended up buying it back for $1.5 billion of 0% Convertible Senior Notes issued in December 2029, paying approximately $1.38 billion and discounting 8% to

The move lowered its USD reserves from $2.25 billion to $871 million during the period, and total refinanced loans fell from $8.2 billion to $6.7 billion.

Looking on the bright side, Strategy still has 843,738 BTC, has reduced its outstanding debt, and generated a BTC Yield of 0.7%, equal to 4,391 BTC in value generated through the discount alone. CEO Phong Le classified it as financial management.

A concern, however, is the decline in savings. Now $871 million is all Strategy has set aside to pay dividends and service loans, against an annual dividend and debt of nearly $1.2 billion through STRC and other preferred instruments. That’s less than nine months without a new STRC release. This means more money needs to be raised…and soon.

Oh, and now there is best sellers in the market and the seller of the black pool is selling $ 1.3B to IBIT in one clip yesterday-without Saylor wants to take the pressure of the sale. Bitcoin fell 2% on the day to $75,850 later.

💰 Hyperliquid Hits Big in Polymarket

Hyperliquid expanded its HIP-4 market plan support for forecasting contracts that are tied to real world events, starting with US inflation data and Federal Reserve interest rates. This puts the exchange in direct competition with Polymarket and Kalshi for the first time.

The main structural difference is how markets are settled. Polymarket relies on UMA, an external oracle protocol that uses a good argument mechanism. With this system, the formal implementation stops only if it is challenged, while the UMA tokenholders vote on the final result (which has caused problems in the past). The UMA has come under fire after the WSJ found 60% of UMA voters have financial problems in the results they end up with. It’s a conflict of interest that Polymarket is still managing.

Meanwhile, Hyperliquid settles markets through its own set of approvals, which enter news, decide which markets can be quoted, and vote on settlement results. There are no external oracles, no third-party court – so the same verifiers that protect L1 are also ending the prediction markets.

And Hyperliquid’s difference here is that traders can take the market’s forecasted currency (say a price drop) and long a crypto token like BTC or a stock like NVDA in two good trades—all from the same platform. We will soon find out how many entrepreneurs will take action…

Ondo Finance Founder Nathan Allman Dies

Ondo Finance he announced Monday that founder and CEO Nathan Allman died unexpectedly. No cause of death was disclosed.

Ian De Bode, the company’s former president who has led strategy, sales, and day-to-day operations for two years, will become CEO immediately.

Allman, a Brown University graduate and a former member of Goldman Sachs’ digital economy group, founded Ondo in 2021 and led the growth in one of the most important tokenized real world financial platforms in crypto. They increased the lock value (TVL) to $3.86 billion with assets including USDY, a yield-generating stablecoin, and OUSG, a US Treasury fund. Ondo has partnered with major players in the TradFi world (JPMorgan, BlackRock, Mastercard, Franklin Templeton, and others) under his leadership. The company held its first regular Treasury session last month, which laid out the vision Allman has been working on for five years.

De Bode joined Ondo as Chief Strategy Officer in 2023 from McKinsey, where he led the digital economy and fintech work, and was promoted to president in November 2025. The company said that he had already played a major role in the day-to-day operations and that the transformation is continuing.

🤖 AI Signals Are Running Bitcoin, Amongst the Most

The volatility of BTC and AI tokens that started last week continued into the Memorial Day weekend.

NEAR 54% in seven days. GRASS is up 67% in seven days. RENDER is up 21%. Akash is 15%. The crypto AI tracker’s basket is up double digits for the week, against Bitcoin’s -12% YTD and sideways price since mid-May.

The basics are real this time. NEAR, Bittensor, Render, Akash, and Grass all have revenue streams that start in compute markets, bandwidth monetization, and GPU leasing that directly benefit from the wave of AI that is costing Nvidia and the US $2B quantum computing government subsidy that just proved to be growing. So this is not a “reported” trade like the ones that benefited from AI crypto in the past.

And with the overall crypto AI market cap at ~$11B, many think it’s due for a huge return. Time will tell…

🌎 Macro Crypto and Markets

• Crypto majors are red with HYPE leading; BTC -2% at $75.9k; ETH -1% at $2,090; SOL -1% at $84; HYPE + 3% on $63
• RAIN (63%)ICP (+8%) and M (5%)
• Oil -2% at $90.7; Gold -2% at $4,450
• The future they are green with the Nasdaq up 0.6% after the day of Micron + 20% and oil is falling
• Trumpet has been sent that the CFTC should retain control over the prediction markets and the sector should be allowed to thrive
• Black pool dealer sold $1.3B in IBIT shares in a single sale on Monday, one of the largest sales ever
• TeraWulf found the Muskie Data Campus in Eastern Kentucky on Tuesdaya 285-acre hyperscale AI and HPC development center capable of supporting more than 1 gigawatt of data center capacity; WULF rose 13% on the announcement
• The UK He approved Huobi Global SA (HTX) on Tuesdaypart of the 18-organization Russia targeting the package to follow the crypto exchange is said to have helped Moscow move $1.5 billion.
• Indonesia restricted access to Polymarket on Tuesday citing gambling laws, joining South Korea, China, and Thailand in Asia’s biggest crackdown on market platforms.

Corporate Treasuries & ETFs

Meme Coin Tracker

• Meme leaders he was especially red; DOGE -1%, SHIB -2%, PEPE -2%, PENGU -4%, TRUMP -3%, BONK -2%, SPX -2%, FARTCOIN -4%
• Secret (+500x), FCM (+40x) and Chubby Elephant (+69x) led the popular movers on Solana
• Base movers including Nock (+29%), Veilnet (+40%), and Nook (+10%)

📈 Multi Day Market

💰 Token, Airdrop & Protocol Tracker

• Co-founder of OpenZeppelin has been sent that he feels that all the Defis are insecure and has been telling friends and family to get out
• Price CME be explained AVAX and SUI futures on Tuesday

🚚 What is happening in NFTs?

• Directors of NFT they were a little red again; Punks -0.5% at 32.8 ETH, BAYC -3% at 8.67 ETH, Pudgy -1% at 4.64 ETH; Hypurr’s +6% at 324 HYPE
• Giants (+31%) and Freaks (+150%) he led the famous movers